The seafood restaurant operator's stock jumped $1.39, or 19.5 percent, to $8.51 in pre-market trading on Monday.
Fertitta, who is one of McCormick & Schmick's biggest shareholders, already owns about 10.1 percent of the company's outstanding stock.
Fertitta has secured a financing commitment from Jefferies Group Inc. He is requesting a list of McCormick && Schmick's stockholders and anticipates sending a formal purchase offer to the company's shareholders as soon as possible after getting the list.
McCormick & Schmick's is based in Portland, Ore. Last month the company reported a bigger fourth-quarter loss due to higher costs.
It also announced that it was launching a multi-year service, hospitality and restaurant upgrade program aimed at boosting sales, customer traffic and profit margins.